Ivy Rehab Network (“Ivy” or the “Company”), a leading provider of outpatient therapy services operating nearly 500 clinics across the Northeast, Mid-Atlantic, Southeast, and Midwest regions of the United States, has announced that Troy Bage, Brian Mathis, LeAnne Stewart, and Jeremy VanDevender have joined its Board of Directors. The Company also announced that it is retaining Paul Martino and Michael Rucker, Ivy’s CEO, on its Board of Directors, and that LeAnne Stewart will Chair Ivy’s Audit Committee.
Michael Rucker commented, “I am incredibly excited to welcome this exceptionally talented group of individuals to Ivy’s Board of Directors. Troy, Brian, LeAnne, and Jeremy all bring uniquely powerful perspectives and insights from their successful careers, and I look forward to working with them at Ivy. Their expertise and guidance will enable us to accelerate our growth and to pursue various strategic initiatives. Additionally, appointing two licensed physical therapists in Troy and Jeremy to our Board underscores our focus and attention to providing exceptional clinical outcomes as a part of Ivy’s commitment to its patients, referring physicians, and its sources of reimbursement.”
Troy Bage is the CEO of Ivy Rehab for Kids, Ivy’s dedicated pediatrics service-line within the broader Ivy platform. Prior to accepting his current role in 2022, Mr. Bage served as Ivy’s Chief Operating Officer beginning in 2017. From 2016 to 2017, Mr. Bage was Executive Director for the Alliance for Physical Therapy Quality and Innovation (APTQI), which is an industry advocacy group for small, medium, and large physical therapy practices across the United States. From 2011 to 2015, Mr. Bage served as the Chief Operating Officer at Upstream Rehabilitation, and formerly as President and owner of Benchmark Physical Therapy, before its sale to Upstream Rehabilitation in 2011. Mr. Bage holds a Master of Physical Therapy degree from Virginia Commonwealth University and a Doctor of Physical Therapy degree from the University of Tennessee at Chattanooga.
Brian Mathis brings a diverse background of healthcare executive experiences and is currently the CEO of Oasis Health Partners, whose mission is to build healthier communities by advancing primary care. Previously, Mr. Mathis served as Chief Strategy Officer of Sevita Health, a leading provider of home and community-based care services. From 2017 to 2020, Mr. Mathis served as Chief Strategy Officer of Optum Care within UnitedHealth Group, where he led payor and provider contracting strategy and new service line development. From 2009 to 2017, Mr. Mathis held various strategy and development roles at SCA Health, ultimately rising to Chief Development Officer before SCA Health’s sale to UnitedHealth Group.
Paul Martino joined Ivy’s Board in 2018 and has extensive healthcare payor and provider experience. Mr. Martino is currently Co-Founder and Chief Growth Officer at VillageMD, a primary care provider focused on delivering value-based care to its patients. Prior to VillageMD, Mr. Martino held clinical strategy, innovation, and sales roles with Anthem, Kaiser Permanente, Aetna, and Cigna.
LeAnne Stewart is an accomplished finance executive with expertise in private equity sponsored and publicly held companies. Her global experience spans many industries including healthcare, distribution and retail, heavy civil construction, and energy. Ms. Stewart was the Chief Financial Officer of Axia Women’s Health from 2018 to 2022 overseeing a period of tremendous growth and the sale of Axia from Audax to Partners Group in 2021. From 2015 to 2017, Ms. Stewart served as Chief Financial Officer for 21st Century Oncology, a $1 billion global, physician-led organization. From 2011 to 2015, Ms. Stewart served as Chief Financial Officer of CRC Health Group culminating in its sale to Acadia Healthcare (Nasdaq: ACHC). Earlier in her career, Ms. Stewart held various accounting roles for public and private companies after beginning her career with Ernst & Young LLP.
Jeremy VanDevender is the Chief Revenue Officer at Ivy and is responsible for leading mergers & acquisitions, payor relations, clinical excellence, research, outcomes, and revenue enhancement strategy. From 2016 to 2021, Mr. VanDevender served as Ivy’s Chief Development Officer, focused on driving mergers, acquisitions, and de novo growth initiatives. Prior to 2016, Mr. VanDevender worked as a Senior Vice President at Accelerated Rehab until its merger with Athletico. Mr. VanDevender started his career with Ivy as the Company’s first licensed physical therapist in 2003 and holds a licensed physical therapy degree from Rosalind Franklin University.
David O. Neighbours, Chairman of Ivy, commented, “We could not be more excited with the group of executives we have assembled to serve on Ivy’s Board. Their unique backgrounds and experience will be extremely valuable to Ivy in its next evolution of growth, following the recent Waud Capital Partners-led recapitalization of the business.” Mr. Neighbours and two other Waud Capital Partners investment professionals also serve Ivy on its Board of Directors.
About Ivy Rehab Physical Therapy
Ivy is a leading provider of outpatient therapy services across the Northeast, Mid-Atlantic, Southeast, and Midwest regions of the United States through a rapidly growing network of nearly 500 clinics that includes over 100 dedicated pediatric therapy clinics. Across its network of sites, Ivy offers a comprehensive set of therapy treatment options and specialized care programs and is dedicated to providing exceptional clinical care and the best patient experience. For additional information on Ivy, visit www.ivyrehab.com.
About Waud Capital Partners
Waud Capital Partners (“WCP”) is a growth-oriented private equity firm with total capital commitments of approximately $4 billion since its founding in 1993. WCP seeks to partner with strong management teams to build market-leading companies within two industries: healthcare services and software/technology. Since its founding, WCP has successfully completed more than 400 investments, including platform companies and follow-on opportunities. To learn more, visit www.waudcapital.com.
For Further Information:
Ivy Rehab
Jeremy VanDevender, Chief Revenue Officer
jvandevender@ivyrehab.com
